Corporate Social Responsibility
Corporate Social Responsibility ( CSR ) has been playing a major role in the development and social welfare activities in India. As compared to other countries, India is considered to be having the richest traditions in CSR. There are lots of corporate houses in India who contribute a huge amount of fund in social welfare activities. Companies like TATA, Birla has been practicing the Corporate Social Responsibilities for decades long before CSR become a popular basis.
Under the new Companies Act , 2013 all profitable companies with a sizeable business would have to spend every year at least 2 % of 3 year average profit on CSR activities. This would apply to all the companies with net worth of Rs 500 crore or more, or a turnover of Rs 1,000 crore or more, or a net profit of Rs 5 crore or more.
CSR Funds are mostly granted in the following areas of welfare activities
- Education / Literacy Enhancement
- Community Development
- Environment Protection / Horticulture
- Drinking / Water & Sanitation
- Medical / Healthcare
- Infrastructure Development (Building, Roads, Electrification, Street Lighting in Rural areas, etc).
- Skill Development / Empowerment